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Carige in exclusive talks with Apollo over insurance units sale
July 24, 2014 / 10:20 PM / in 3 years

Carige in exclusive talks with Apollo over insurance units sale

MILAN (Reuters) - Banca Carige (CRGI.MI) has entered exclusive talks with U.S. investment fund Apollo Management Holdings LP for the sale of its two insurance units, the Italian mid-sized lender said in a statement on Thursday.

Carige, one of 15 Italian banks seeking to pass a regulatory health check of lenders across the euro zone, has long been trying to sell its Carige Vita Nuova and Carige Assicurazioni units to shore up its capital base.

The bank recently completed an 800 million euro share sale in a bid to push its best-quality Common Equity Tier 1 capital above a minimum 8 percent threshold set by the European Central Bank for banks in its review of the sector.

Reporting by Valentina Za, editing by Andrew Hay

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